Deutsche Bank courts Telekom

Bank offers right of approval for future buyers

BERLIN — In its efforts to acquire Deutsche Telekom’s regional cable network, Deutsche Bank has said it is willing to grant the giant telecommunications group far-reaching concessions.

Deutsche Bank appears to be set to take over the network, although other investors have until Aug. 20 to present offers.

Deutsche Bank is seeking to purchase the nine regional networks along with regional partners to modernize and develop the aging system to accommodate Internet and telephone access on cable lines. It would then sell the networks after about three years.

While Telekom has said it intends to keep 25.1% of the networks, Deutsche Bank officials have said Telekom can also retain right of approval over later potential buyers.

Additional offers are expected from other big-name groups such as Mannesmann, Bertelsmann and Dutch cable company UPC.